Federal Lawsuit Targets REALTOR® Associations for Alleged Antitrust Violations on Dues

June 10, 2025
John Diza lawsuit versus National Association of Realtors over dues for non-members

Another day, another lawsuit taking aim at the National Association of REALTORS® (NAR) and its long-standing policies. But this one doesn’t center on buyer broker compensation like the Sitzer-Burnett or Moehrl cases. Instead, it targets a different piece of NAR’s structure—the so-called “three-way agreement” and its Variable Dues Formula (VDF), which, according to a new federal complaint, forces brokers to either pay dues for agents who don’t want to be members or disassociate with them altogether.

Filed June 9 in the Central District of California by broker John Diaz, the complaint alleges that NAR, the California Association of REALTORS® (CAR), and two local associations (Lodi and Central Valley) have violated federal antitrust law through a coordinated effort that restricts competition and punishes brokerages that don’t fall in line.

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Investors Unload Record Number of Homes as Market Pressures Mount

June 10, 2025
Investors Selling off Record number of homes

Real estate investors sold nearly 11% of all homes nationwide in 2024—the highest share in over two decades of tracking, according to Realtor.com’s latest investor report. That figure represents over 500,000 homes sold by investors last year alone. But unlike the investor selloffs we saw during the housing boom, this time it’s not about taking profits—it’s about stopping the bleeding. With rental prices cooling and returns tightening, investors are repositioning fast.

The shift is visible in the numbers. While investor buying slowed slightly compared to 2021 and 2022, the drop in sales volumes didn’t mirror that pace. Instead, more investors decided to exit, particularly in states where home values have flattened or rent growth has stalled. The map below tells the story—investors are still net buyers in most states, but the gap between what they’re buying and what they’re offloading has narrowed significantly.

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Free Speech Concerns Addressed as NAR Finalizes SOP 10-5 Revisions

June 5, 2025
NAR Changes 10-5 to allow freedom of speech

Just days after I wrote about the controversy surrounding NAR’s Standard of Practice 10-5 (SOP 10-5), the National Association of REALTORS® Board of Directors has officially ratified changes to the standard. As expected, the updates focus on clarifying the definition of “harassment” and narrowing its scope to only apply when REALTORS® are acting in a professional capacity.

This morning’s move at the REALTORS® Legislative Meetings in Chicago formalizes the proposed revisions that had been in the works since 2023. According to NAR President Kevin Sears, the aim is to better align Article 10 of the Code of Ethics with similar standards used by other large trade associations, while also easing enforcement for state and local associations.

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Redfin Shareholders Say Yes to Rocket Deal—Industry Shakeup Ahead?

June 5, 2025
Rocket Mortgage - Redfin Acquisition Approved by Shareholders

If the preliminary vote tallies hold, Redfin shareholders just gave Rocket Companies the green light to buy them out for $1.75 billion. That vote took place yesterday, June 4, during a special meeting that followed some last-minute legal fireworks and a bit of political heat. Assuming everything stays on track, the deal will close before the end of June.

For those who haven’t been tracking it closely, this merger means Rocket, best known for Rocket Mortgage, is about to add a national real estate brokerage, tech platform, and salaried-agent workforce to its portfolio. It also means Redfin, which hasn’t had a profitable year in nearly two decades, gets absorbed into a company with the budget and appetite to scale their model nationwide.

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REALTORS®’ Chief Economist Yun Warns: Housing Recovery Still ‘Delayed’—But the Magic Bullet May Be Near

June 4, 2025
NAR Lawrence Yun, 2025 Economic Forecast

If you were hoping for some bright spots in the real estate market this summer, you’re not alone—so was Dr. Lawrence Yun.

Yesterday, I attend the Economic Issues & Trends Forum at NAR’s Mid-Year Meetings in Washington D.C. at which, Lawrence Yun, Chief Economist for the National Association of Realtors, opened with a bit of candor: “I thought at this conference I would share some good news with you. Home sales are rising. Momentum is building. But we are not seeing that”.

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$16 for $11,000 in Commissions? New Court Brief Blasts Real Estate Settlement

May 30, 2025
Monestier Appellant Court Briefing could cause collapse of NAR Sitzer Settlement

Law professor and home seller Tanya Monestier has filed an appeal to overturn the Sitzer/Burnett commission lawsuit settlement. She argues the deal gives sellers almost nothing—about 0.1% of their damages—while leaving the commission system largely intact. If the court agrees, the entire $1.8 billion+ settlement could be thrown out, reopening the litigation and undoing all the current rule changes. Her brief is below for anyone who wants to dig into the details.

When Tanya Monestier first objected to the Sitzer/Burnett settlement last fall, I wrote that her critique exposed the uncomfortable truth: this deal might look good on paper, but in practice, it’s left most sellers just as stuck in the old system as before. Now, she’s doubled down with a formal brief to the U.S. Court of Appeals for the Eighth Circuit—and she’s aiming not just to revise the settlement, but to throw it out entirely.

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With Fewer Condo Investors, Is Now the Time to Buy or Sell?

May 29, 2025
Condo market slump..investors pulling out

Condo Market Hits a Decade Low for Investors—Is It an Opportunity for You?

Investor interest in U.S. condos has dropped to its lowest level in ten years, according to newly released data, with only 8,509 units purchased nationwide in Q1 2025. That marks a 3% year-over-year decline—and aside from the early-pandemic freeze, it’s the weakest quarter for condo investor activity in a decade.

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Zombie Homes Quietly Rise as Vacancy Rate Holds Steady Nationwide

May 29, 2025
Zombie Foreclosures

Despite a steady nationwide vacancy rate, a subtle but growing trend in so-called “zombie” homes is worth watching. According to ATTOM’s latest data, 1.3% of all U.S. homes remain vacant—a figure that’s held remarkably steady for over three years. But while most markets are stable, the number of zombie foreclosures—homes that are vacant and in the foreclosure process—has crept up year-over-year.

Zombie properties still make up a small portion of the market (just 3.3% of homes in foreclosure), but they’re up from 2.9% this time last year. That’s not enough to panic over, but it does signal some stress beneath the surface, especially in pockets of the Midwest and South. Metro areas like Peoria, Cleveland, and Toledo are seeing double-digit percentages of pre-foreclosure homes sitting vacant—raising concerns about local property values and neighborhood stability.

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